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Is a Tech Meltdown Brewing? MSFT, AMD, TSLA and Key Levels for Blue Chips

by | Jan 31, 2024

Before we get to your morning briefing, don’t forget to join me, Nate Tucci, Graham Lindman and Jack Carter at 11 a.m. ET TODAY for a very special roundtable discussion… 

People ask me all the time: “Where should I invest X number of dollars in the market right now?”

Well, we’re going to tell you! The session will last about 30 minutes, and each of us will give you our very best $500 trade idea for where we’d invest it right now! And it won’t cost a thing!

Join the session here!

Now for today’s premarket content!

I said during Tuesday’s morning session that tech is no longer leading, and there’s a breakdown happening…

And that breakdown continues this morning on the heels of some major earnings reports from Microsoft (MSFT), Google parent Alphabet (GOOG, GOOGL), Advanced Micro Devices (AMD) and more. 

The Nasdaq and S&P 500 are down quite a bit premarket while the Dow is up as blue chips move to the forefront.

AMD is down almost 5 points on weak guidance, and this will impact all chip stocks in addition to the Nasdaq 100 (QQQ). The semiconductor ETF (SMH) is also down about 1.4% this morning.

GOOG and GOOGL are also down and to add insult to injury, like I mentioned Tuesday, Apple (AAPL) is below its 50-day moving average — which is not good for the market as a whole.

There are two ways this is going to go for the QQQ… 

We can rally, or we can go down. I believe we’ll see more downside for tech, but the question is whether or not it will bleed into blue chips.  

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

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WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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